[ad_1]
Domino’s Pizza, Dunkin’ Donuts, and Popeyes franchiser, Jubilant Foodworks completed the acquisition of a 29.42% stake in Roadcast Tech Solutions on Monday. In July, the food service company signed a share purchase agreement to acquire a total 40% stake in Roadcast. That said, the remaining acquisition of a 10.58% stake in Roadcast is likely to complete by October 26 this year.
In its regulatory filing, Jubilant Foodworks said, “as on September 26, 2022, the Company had acquired 29.42% stake (on fully diluted basis) in Roadcast and the acquisition of remaining 10.58% stake (on fully diluted basis) is likely to be completed by October 26, 2022 as agreed with Roadcast.”
On July 28, Jubilant Foodworks said, this investment reflects the Company’s intent of making strategic investments in promising start-ups and emerging businesses and is in line with the stated goal of building a multi-brand and multi-country food business powered by technology.
Roadcast Tech offers a logistics platform for the management of last-mile delivery operations. Roadcast’s delivery automation SaaS platform helps clients to monitor their fleet and personnel in real time.
The cost of acquiring a 40% stake in Roadcast is ₹40 crore on fully diluted basis.
Under the agreement, Jubilant will have the right to nominate two non-retiring Directors on the Board of Roadcast and an observer to the Board. Also, the agreement inter-alia provides for certain rights in the nature of information rights, rights in respect of reserved matters, exit rights, pre-emptive rights, and similar rights which are customary in such transactions.
On BSE, Jubilant Foodworks shares closed at ₹602.35 apiece down by ₹18.75 or 3.02%. The company’s market cap is around ₹39,745.78 crore.
Jubilant FoodWorks is part of the Jubilant Bhartia Group and is India’s largest food service company. It holds the master franchise rights for three international brands, Domino’s Pizza, Dunkin’ Donuts, and Popeyes addressing three different food market segments.
At present, the company currently operates more than 1,625 outlets for Domino’s Pizza, Dunkin’ Donuts, and Hong’s Kitchen and is a market leader in the pizza segment. Further, it has more than 30,000 brand ambassadors committed to delivering value to its customers.
Download The Mint News App to get Daily Market Updates & Live Business News.
[ad_2]
Source link
John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
